While viewing my energy portfolio this morning, I stopped and looked at the chart for Exxon Mobile (NYSE:XOM). I immediately noticed major resistance coming in at the $95 level. Can Exxon break through this major resistance level and take off to the upside?
If I measure from the resistance at $95 all the way down to the low in July of 2010, the difference is around $35. If I then add $35 to the breakout point, it takes us to my target zone of $130 per share for Exxon. Now remember, the market must move over the $95 level for this to happen.